Banks Island Gold (BOZ-V) Feb 13, '15 reports sales results for January 2015, at the Company's 100% owned Yellow Giant Gold Project, located on Banks Island, British Columbia.
Total gold sales in January 2015 were 1,594 oz of gold equivalent ("Aueq"). Average gold sales for January were 51 oz per day Aueq. Gold sales for the 4th quarter of the Company's 2015 fiscal year are displayed in Table 1.
Table 1 - Gold Sales in Q4 2015 Fiscal Year
| Period | Contained in Concentrate | Payable from Smelter | | Average Gold Sales (Au eq* oz per day) | | Gold (oz) | Silver (oz) | Au eq* (oz) | | | | Dec 1-31, 2014 | 1,079 | 2,675 | 1,015 | | 33 | | Jan 1-31, 2015 | 1,664 | 6,293 | 1,594 | | 51 | | Total Sales | 2,743 | 8,968 | 2,609 | | 42 |
*Gold equivalent is calculated by converting silver to gold at a ratio of 65:1
The Dense Media Separation ("DMS") Plant pre-concentrated 370 tonnes per day ("tpd") and delivered a daily average of 117tpd of mineralized material to the grinding and flotation circuit. The run-of-mine grade to the DMS Plant is calculated at 5.6gpt gold and overall gold recovery for January was 81%.
The Company is currently processing material from the upper Tel Zone. Mine development of the Upper Tel Zone is complete and production from this area will continue for the months of February and March. The Company will reduce the dimensions of its mine development in mineralization for new production areas which is expected to significantly reduce mining dilution.
The Company is not basing its production decision on a feasibility study of mineral reserves with demonstrated economic and technical viability. Banks Island Gold Ltd. has decided to put the Property into production without first establishing mineral reserves supported by a NI43-101 compliant technical report and feasibility study. The Company cautions readers that such production may not be economically feasible and historically such projects have a much higher risk of economic or technical failure.
Benjamin Mossman, P.Eng. is the qualified person who reviewed and approved the contents of this news release.
The Company is a mining company focused on gold production, exploration, and development of economically viable mineral resources. The Company's mineral property is located in British Columbia. For more information, please refer to the Company's website at www.banksislandgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Benjamin W. Mossman, P.Eng, President, Director, & Chief Executive Officer
Banks Island Gold Ltd.
Benjamin W. Mossman
604-245-0066 |
